Pfizer is continuing the company’s streak of acquisitions with a $5.4 billion deal to acquire Global Blood Therapeutics in an attempt to expand into the blood disorder market.
Pfizer was left with mountains of cash since the rollout of the covid-19 vaccine but as demand slips due to dropping cases Pfizer is looking to invest that money into expanding its medical reach.
In May Pfizer spent $11.6 billion to acquire migraine drug maker Biohaven Pharmaceutical, and then later $6.7 billion for Arena Pharmaceuticals.
With the acquisition of Global Blood Therapeutics, Pfizer has access to Oxbryta which is used to treat sickle cell disease. Estimates conclude that at most there are 100,000 people in the United States with the inherited blood disorder and the oral drug generated $55.2 million in sales for the first quarter of 2022.